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Join on Telegram Rabat — Morocco’s tax revenues surged by 11.7% in the first eight months of 2024, reaching 194.88 billion dirhams (around $19 billion), according to a report from the Ministry of Economy and Finance.
The increase reflects a strong performance in key sectors, surpassing 72% of the government’s annual revenue target.
Corporate tax revenues saw a notable boost, growing by 4.5 billion dirhams ($439 million). This rise is linked to improvements in final tax adjustments and advance payments.
Corporate income tax alone achieved a realization rate of 73%, fueled by better tax collection on third-party payments and investments by non-resident legal entities.
Personal income tax revenues also experienced significant growth, with collections rising by 4.3 billion dirhams ($419 million), representing a realization rate of 75.2%.
The growth was driven by stronger wage-based tax revenues and profits from real estate and securities sales.
Value-added tax (VAT) revenues recorded an increase of 6.7 billion dirhams ($654 million), with both domestic and import VAT contributing to this rise.
Domestic VAT grew by 3.2 billion dirhams ($312 million), while import VAT increased by 3.5 billion dirhams ($342 million), reflecting robust consumption levels across the economy.
Additionally, revenues from internal consumption taxes, primarily on energy products and tobacco, grew by 2.3 billion dirhams ($224 million), reaching a realization rate of 71%.
Customs duties also climbed by 1.7 billion dirhams ($166 million), with stamp and registration duties contributing 481 million dirhams ($47 million).
Despite the increase in revenues, the report also highlighted tax refunds and deductions totaling 12.1 billion dirhams ($1.18 billion), underscoring ongoing fiscal management efforts.
